The first-ever Non-Fungible Token (NFT) Digital Islamic Art Agency will be launching in the United Arab Emirates soon. Founded by Dubai-based Behnood Javaherpour of Behnoode Foundation, the art agency aims to digitize the artworks of talented Middle Eastern artists and sell their unique digital footprints through live auctions to fine art collectors worldwide.
The Behnoode Digital Islamic Art Agency plans to put the Islamic and Middle Eastern artworks and artists at the forefront, and celebrate the region’s rich arts and culture, as well as accommodate the fast responses to fit into the modern art world.
What are NFT’s
NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
The NFT art market has grown more than 800 percent in the first four months of 2021, from $52 million in January to a whopping $490 million by the end of April, according to a Business Insider report, presenting a huge opportunity for artists.
How do NFT’s work?
Traditional works of art such as paintings are valuable precisely because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be "tokenised" to create a digital certificate of ownership that can be bought and sold, frequently with cryptocurrency, and are generally encoded with the same underlying software as many cryptos.
What is the benefit of NFT’s?
The “new'' digital art market offers a host of benefits - democratization, since anyone can access it via a screen; secure ownership recorded on the blockchain; more transparency; speedier payment to the artists as well as royalties paid on resale.’ said Behnood Javaherpour, the visionary behind Dubai’s first-ever Digital Islamic Art Agency.
“One of the key benefits of digital art is it allows direct contact with buyers, bypassing the traditional gatekeepers. Additionally, digital art isn’t created, shipped and so on, so it’s also saving the planet” said Behnood Javaherpour.
“We are currently working and finalizing our affiliations with several Islamic banks and financial institutions operating in the region, including investment companies to further create a community that values fine art while integrating modern technology.”
Watch this space for further updates on The Behnoode Art Digital Islamic Art Agency.
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